Boeing vs. Northrop Grumman: Which Defense Stock Reigns Supreme?

Two prominent U.S. aerospace and defense companies are Boeing (BA) and Northrop Grumman (NOC). While both have significant positions in government and defense programs, they differ in their focus areas.

Boeing has a larger exposure to commercial aviation, with its Commercial Airplanes business producing aircraft like the 737, 787, and 777X. The company also has a large Global Services segment that provides maintenance, parts, and other support. In contrast, Northrop Grumman is primarily a defense and national-security company.

Northrop Grumman secured $20 billion in net awards in the second quarter of 2026, resulting in a strong 1.84 book-to-bill ratio and pushing its backlog up 17% year over year to $104.7 billion. The company's expanding space capabilities and growing international partnerships also support future revenue growth.

Boeing, on the other hand, is seeing improving commercial aircraft deliveries, with 171 aircraft delivered in the second quarter of 2026, a 14% increase year-over-year. However, the company's debt position is higher than Northrop Grumman's, with a total debt to capital ratio of 88.24% compared to NOC's 44.65%.